The company says the offerings will strengthen its balance sheet and reduce risks from scaling up to produce the $35,000 Model 3 electric car starting in July.

The company plans to offer $250 million worth of common stock and $750 million in notes due in 2022. Underwriters can buy another 15 percent, which would bring the total proceeds to about $1.15 billion.

Tesla says CEO Elon Musk will buy $25 million of the stock.

The company lost just under $675 million last year but revenue rose 73 percent to just over $7 billion.